SCP Investment LP Acquires 60,800 Shares of Patterson-UTI Energy, Inc. $PTEN

SCP Investment LP boosted its holdings in shares of Patterson-UTI Energy, Inc. (NASDAQ:PTEN) by 217.1% in the second quarter, according to its most recent filing with the SEC. The firm owned 88,800 shares of the oil and gas company’s stock after acquiring an additional 60,800 shares during the period. Patterson-UTI Energy accounts for 0.4% of SCP Investment LP’s portfolio, making the stock its 27th largest position. SCP Investment LP’s holdings in Patterson-UTI Energy were worth $527,000 as of its most recent SEC filing.

A number of other large investors also recently made changes to their positions in the stock. Envestnet Asset Management Inc. increased its stake in shares of Patterson-UTI Energy by 64.1% in the 1st quarter. Envestnet Asset Management Inc. now owns 126,592 shares of the oil and gas company’s stock valued at $1,041,000 after acquiring an additional 49,443 shares during the last quarter. Avantax Advisory Services Inc. grew its holdings in shares of Patterson-UTI Energy by 60.2% in the 1st quarter. Avantax Advisory Services Inc. now owns 25,150 shares of the oil and gas company’s stock valued at $207,000 after acquiring an additional 9,452 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its stake in shares of Patterson-UTI Energy by 11.4% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 117,061 shares of the oil and gas company’s stock worth $962,000 after purchasing an additional 12,000 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Patterson-UTI Energy in the 1st quarter valued at about $1,296,000. Finally, Bayforest Capital Ltd increased its stake in shares of Patterson-UTI Energy by 416.3% during the 1st quarter. Bayforest Capital Ltd now owns 126,477 shares of the oil and gas company’s stock worth $1,040,000 after purchasing an additional 101,980 shares during the last quarter. Institutional investors and hedge funds own 97.91% of the company’s stock.

Wall Street Analyst Weigh In

PTEN has been the topic of a number of research analyst reports. Weiss Ratings restated a “sell (d-)” rating on shares of Patterson-UTI Energy in a research note on Tuesday. Barclays restated an “equal weight” rating and set a $6.00 price objective (down from $7.00) on shares of Patterson-UTI Energy in a research report on Monday, October 13th. Wall Street Zen upgraded Patterson-UTI Energy from a “sell” rating to a “hold” rating in a research note on Saturday, October 25th. Tudor Pickering lowered Patterson-UTI Energy from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Finally, Royal Bank Of Canada lifted their target price on Patterson-UTI Energy from $7.00 to $8.00 and gave the stock an “outperform” rating in a report on Friday, October 24th. Three analysts have rated the stock with a Buy rating, nine have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Patterson-UTI Energy presently has an average rating of “Hold” and a consensus price target of $7.39.

Patterson-UTI Energy Stock Performance

NASDAQ:PTEN opened at $5.68 on Thursday. The company has a market cap of $2.15 billion, a price-to-earnings ratio of -15.78 and a beta of 1.22. Patterson-UTI Energy, Inc. has a fifty-two week low of $5.10 and a fifty-two week high of $9.57. The company has a debt-to-equity ratio of 0.38, a quick ratio of 1.44 and a current ratio of 1.64. The stock has a fifty day moving average price of $5.83 and a 200-day moving average price of $5.86.

Patterson-UTI Energy (NASDAQ:PTEN) last posted its quarterly earnings results on Tuesday, March 21st. The oil and gas company reported ($0.38) EPS for the quarter. Patterson-UTI Energy had a negative net margin of 2.81% and a negative return on equity of 2.65%. The company had revenue of $191.70 million during the quarter. As a group, equities analysts anticipate that Patterson-UTI Energy, Inc. will post -0.1 EPS for the current fiscal year.

Patterson-UTI Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Monday, December 1st will be given a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 5.6%. The ex-dividend date is Monday, December 1st. Patterson-UTI Energy’s payout ratio is currently -88.89%.

About Patterson-UTI Energy

Patterson-UTI Energy, Inc, through its subsidiaries, engages in the provision of contract drilling services to oil and natural gas operators in the United States and internationally. It operates through three segments: Drilling Services, Completion Services, and Drilling Products. The Contract Drilling Services segment provides contract and directional drilling services in onshore oil and natural gas basins, as well as engages in the service and re-certification of equipment for drilling contractors, and provision of electrical controls and automation to the energy, marine and mining industries.